How Can You Maximise Profits with Pharma Franchise Company in India?

The pharmaceutical industry in India is growing in states, such as West Bengal, which has become emerging hubs for prominent pharma franchise companies. A Pharma Franchise Company in West Bengal provides an exciting opportunity for those who want to enter the healthcare sector with lower risk and maximum assistance. In this business model, one can market pharmaceutical products with the brand name of an established company and maximize their opportunity by using the brand recognition, established product range and marketing help from the established company.

In this blog post, we will go over what a pharma franchise company in West Bengal looks like, the step-by-step process to begin operating a franchise business, legal requirements, investment possibilities and marketing strategies.

A Pharma Franchise Company in West Bengal works by allowing franchise partners to sell and market the company’s products. Franchise partners, commonly referred to as PCD franchisees, receive exclusive rights to sell or promote the company’s products in a defined geographical area, which makes this business model more popular in West Bengal each passing day.

West Bengal has a very large population and ever-increasing health conscious citizens, thus demand for pharmaceutical products is extremely high. The travelers that West Bengal has, created one of the largest pharmacy markets in the country. The overall health care infrastructure that the state provides, coupled with favorable government policies for businesses make it suitable for patients and people to set up a pharma franchise business.

There are a few steps to take before you can successfully launch your pharma franchise in West Bengal. Here is a detailed overview:

1. Research Market and Plan: This is the first step before starting your pharma franchise business. You have enough resources to succeed if you: study the health issues of locality, study the competitions among local pharma franchises, study existing pharma services available, etc. then you are in a good position to decide which few therapeutic segments you will pursue in your portfolio and what audience to target.

2. Select Your Pharma Franchise Company: Choosing the right Pharma Franchise Company in West Bengal is often the most important decision you make. You should find a pharma franchise company that offers a good product range, a brand presence in the market, reputation, etc. You should also evaluate limitations imposed by your institution or Franchise Company.

3. Legalities and paperwork: If you are pursuing and establishing a Pharma Franchise business, you have to adhere to the following criteria:
Drug license: You will need to have a drug license and this can be obtained from the State Drug Control Department.
GST Registration: You will need to be registered with Goods and Services Tax (GST).
Trade License: You will require a Trade License from your city’s municipal authority.
Agreement with Pharma Franchise Company: You will need to enter into a legal agreement with a pharma company outlining the conditions and terms of your established franchise business relationship with them.

4. Capital and Infrastructure: While a Franchise business is comparatively a low capital business, you will still need to consider how much money you ideally will need for:
Your opening stock
Storage
Marketing and promotional materials
Staff salaries
Transportation and logistics
In addition, don’t forget that your infrastructure should provide suitable storage conditions and climate control to ensure your product is of good quality.

5. Product Selection and Sourcing: Work with your chosen Pharma Franchise Company in West Bengal to develop a firm specific product portfolio that you believe is best suited for your local market. Start with broad portfolio of products based on the customer needs, market trends and the customer feedback.

6. Market and Promotion: Effectively marketing your own pharma franchise business successfully, will ultimately lead to your success. Use the effective marketing tools you are supplied with from your Pharma Franchise Company in the product literature, visuals and sample packs.

Establishing a pharma franchise business in West Bengal is an attractive and profitable opportunity. Working with a dependable Pharma Franchise Company in West Bengal like Riqfame Critical Care Pvt. Ltd. allows you to build on their business model, product selection and the back up programs. We aim to create a sustainable impact through ensuring access to quality healthcare medications, creating a connection to impact lives for the better. We are committed to excellence and providing options for everyone with bespoke solutions and driven professionals.